Jennifer Idell Sells 2,351 Shares of CenterState Banks, Inc. (CSFL) Stock
CenterState Banks, Inc. (NASDAQ:CSFL) CFO Jennifer Idell sold 2,351 shares of the business’s stock in a transaction that occurred on Tuesday, October 31st. The stock was sold at an average price of $27.00, for a total transaction of $63,477.00. Following the sale, the chief financial officer now directly owns 9,053 shares in the company, valued at approximately $244,431. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.
CenterState Banks, Inc. (NASDAQ:CSFL) traded down 1.41% during mid-day trading on Tuesday, reaching $26.64. 374,304 shares of the company’s stock traded hands. The stock has a market capitalization of $1.60 billion, a PE ratio of 22.02 and a beta of 0.60. CenterState Banks, Inc. has a 52 week low of $18.01 and a 52 week high of $27.78. The stock’s 50 day moving average is $26.42 and its 200-day moving average is $25.23.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 15th will be paid a $0.06 dividend. The ex-dividend date is Thursday, December 14th. This represents a $0.24 annualized dividend and a yield of 0.90%. CenterState Banks’s dividend payout ratio is currently 19.51%.
CenterState Banks declared that its Board of Directors has approved a stock buyback plan on Thursday, September 7th that authorizes the company to repurchase 3,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its stock is undervalued.
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CSFL has been the topic of several research analyst reports. Zacks Investment Research downgraded shares of CenterState Banks from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 9th. ValuEngine downgraded shares of CenterState Banks from a “buy” rating to a “hold” rating in a research report on Thursday, September 7th. Brean Capital initiated coverage on shares of CenterState Banks in a research report on Tuesday, August 29th. They set a “hold” rating on the stock. Keefe, Bruyette & Woods reissued a “hold” rating and set a $28.00 target price on shares of CenterState Banks in a research report on Tuesday, October 3rd. Finally, BidaskClub raised shares of CenterState Banks from a “sell” rating to a “hold” rating in a research report on Sunday, August 6th. Two analysts have rated the stock with a sell rating and four have issued a hold rating to the stock. CenterState Banks has a consensus rating of “Hold” and an average price target of $28.33.
A number of institutional investors have recently made changes to their positions in CSFL. Advisor Group Inc. increased its stake in CenterState Banks by 2.9% in the second quarter. Advisor Group Inc. now owns 4,016 shares of the financial services provider’s stock valued at $100,000 after purchasing an additional 115 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in CenterState Banks by 248.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,206 shares of the financial services provider’s stock valued at $105,000 after purchasing an additional 3,000 shares during the last quarter. Globeflex Capital L P purchased a new position in CenterState Banks in the second quarter valued at approximately $115,000. Ameritas Investment Partners Inc. increased its stake in CenterState Banks by 18.2% in the second quarter. Ameritas Investment Partners Inc. now owns 4,735 shares of the financial services provider’s stock valued at $118,000 after purchasing an additional 730 shares during the last quarter. Finally, BNP Paribas Arbitrage SA increased its stake in CenterState Banks by 2,146.8% in the second quarter. BNP Paribas Arbitrage SA now owns 5,662 shares of the financial services provider’s stock valued at $141,000 after purchasing an additional 5,410 shares during the last quarter. Institutional investors own 71.37% of the company’s stock.
About CenterState Banks
CenterState Bank Corporation, formerly CenterState Banks, Inc, is a financial holding company, which owns CenterState Bank of Florida, N.A. (CenterState Bank or the Bank). The Company provides a range of consumer and commercial banking services to individuals, businesses and industries. The Company’s segments include commercial and retail banking, correspondent banking and capital markets division, and corporate overhead and administration.
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